We’ve all read the disquieting statistics about girls and math: That they’re less likely to participate in math and science in school, and that they’re less likely to choose one of these as a major in college. Happily, great strides have been made by girls in these subjects in the past few decades; but apparently there is still one subject in which women continue to trail behind men—talking about finances and retirement planning.
According to a recent article in Business Insider, “when the Transamerica Center for Retirement Studies asked women in their 50s and 60s if they ever discussed saving, investing and financial retirement planning with friends or family, the answer they got was a big NO from 30 percent of respondents and a tepid ‘occasionally’ from 62 percent. Only 8 percent said ‘frequently.’” Clearly women need to find a way to become more comfortable discussing their financial futures—either with their friends and families or with trusted financial advisors.
What is most interesting about this from an estate planning perspective is that in our line of work women are often the driving force behind a family or couple coming in for an initial consultation. Women may not feel comfortable talking about finances, but they are obviously very aware that—when coupled with future and well-being of their families—it is an important issue that needs to be addressed.
The Business Insider article mentioned above closes with 5 questions that might help get the financial conversation started among women; we would only add to this that a discussion of family finances, as well as personal finances, may be a good way to get the ball rolling.
We understand that not everybody has the same concerns when it comes to financial and estate planning. Contact our office today and let us know what your concerns and goals are for your future, and for the future of your family. We can help.